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More about resource allocation

March 28, 2012 - Harry Eagar
No one would call the American health care system a free market, although its fans seem to think it is superior to the frankly fully socialized systems used in the rest of the civilized world.

What is beyond question is that the American system is the worst in allocating resources. About 25% goes to administration.

Europe spends about 40% less on health care and gets better results.

Nor, despite widespread assumptions about American medical care being the "best in the world," does the record support that idea. Socialized medicine is so far from squelching innovation that Europe is at least the equal of America in developing new drugs and far, far ahead in theoretical understanding of physiology.

ALL of the most important advances in understanding physiology in my lifetime were funded by socialized medicine, notably the deciphering of the structure of DNA and the description of the immune system.

But, but, but, Ron Paul accepts payments in chickens, so that must make our system better, right?


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